55 North Mining Secures 100% Ownership of the Last Hope Gold Project

Executive Summary

• Completed the required payment to acquire 100% ownership of the Last Hope Gold Project.
• Mobilizing a drill rig with drilling slated to start in mid‑January 2026 as part of the 2025‑2026 program, targeting step‑out holes over an ~800 m strike length.
• Anticipates delivering an updated mineral resource estimate later in 2026, incorporating new drill results and higher gold price assumptions.

Key Details

• Full Ownership: Property payment finalized; 55 North now holds 100% of the Last Hope Gold Project.
• Drill Program Launch: Mobilization underway; drilling expected to commence mid‑January 2026.
• Program Scope: Step‑out drilling south of existing zones; fences of 2–3 holes every ~120 m along strike, covering ~800 m strike length.
• Result Timeline: Drill results projected 8–10 weeks after completion of drilling, subject to laboratory turnaround.
• Resource Update Goal: Updated mineral resource estimate planned for later 2026, with potential larger resource due to higher gold price assumptions (previous estimate used US$1,650/oz).
• Qualified Person: Peter Karelse, P.Geo., Head of Exploration, reviewed and approved the technical information.

Notable Quotes

“Securing full ownership of Last Hope is a major milestone for 55 North,” said Bruce Reid, CEO. “With drilling expected to begin in mid‑January, we will focus on step‑out drilling designed to test potential extensions of known mineralization and support an updated geological model.”

Forward‑looking statements are included regarding drill timing, result delivery, and the upcoming resource estimate.